PDC » Topics » Forfeiture of Award

This excerpt taken from the PDC 8-K filed Aug 11, 2005.
Forfeiture of Award.  Except as may be provided in any other agreement between the Participant and the Partnership, if, prior to the date the Award is paid, a Participant’s employment is terminated for any reason other than death, Disability or the attainment of Normal Retirement Age, such Participant will automatically forfeit any interest in the Award as of the termination date.  Except as may be provided in any other agreement between the Participant and the Partnership, if a Participant’s employment is terminated by reason of death, Disability or the attainment of Normal Retirement Age, then the Committee will decide, at the recommendation of management, and in its sole and absolute discretion, whether such Participant will receive a prorated Award for such Plan Year or will forfeit any interest in the Award.  If applicable, such a prorated Award will be paid only if the Committee certifies that the relevant Performance Goals have been achieved.  If during the course of a Plan Year the Participant takes a position with the Partnership or any Affiliate which is materially different from the position which he or she occupied at the commencement of such Plan Year, and the Committee determines that such new position does not involve comparable or greater executive responsibilities than were enjoyed by such Participant at the beginning of such Plan Year, then the relevant Award Agreement will automatically be terminated. The Committee will decide, in its sole and absolute discretion, whether the Participant will receive a prorated Award for such Plan Year or will forfeit any interest in any Award for such Plan Year. If applicable, such a prorated Award will only be paid if the Committee determines that the relevant performance goals have been achieved.

 

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